(Reuters] – Futures for Canada’s major commodity-heavy index declined on Tuesday amid concerns that central banks would tighten inflation aggressively. But, a rally of crude oil prices limited the drop.

June futures on the S&P/TSX index were down 0.5% at 07:25 a.m. ET, signaling the Toronto Stock Exchange’s S&P/TSX composite index could break a seven-day winning streak, its longest since October last year. ()

A record-breaking level of inflation has prompted calls for more aggressive European Central Bank action. Meanwhile, in America, a Federal Reserve Governor said Monday that rates should be raised by one half percent at each meeting, until inflation is controlled.

After the European Union banned all Russian oil imports due to its invasion of Ukraine, fueling speculations about sustained high inflation rose to $123 per barrel [O/R]

Canada’s major stock index was 0.8% higher at 20,919.40 on Monday. After falling 5.2% last April, the index was 0.8% higher for May. This is its largest monthly drop since March 2020.

At 07:25 AM, they were down by 144 points or 0.433%. ET was down 18.5 points or 0.45% and down 6 points or 0.05%. [.N]

TOP STORIES [TOP/CAN]

Cenovus Energy Inc. and its Partners have agreed to resume the West White Rose Oilfield Project offshore Newfoundland & Labrador in Canada in 2023. This was the announcement made by the oil producer on Tuesday.

Ontario is Canada’s economic powerhouse and will continue to promise to spend more. However, Ontario’s higher debt burden could make it less attractive to investors in an environment in which interest rates rise and the housing market has begun to slow.

COMMODITIES AT 7.25 a.m. ET

: $1,847.1; -0.37% [GOL/]

US crude oil $118.43. +2.89% [O/R]

Brent crude: $123.78, +1.73% [O/R]

U.S. ECONOMIC DATA DUE TUESDAY

10:00 Mai Consumer Confidence: Prior to 107.3, Expected 103.9

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($1= C$1.2672)